How to calculate EDLI ?
EDLI calculation
EDLI calculation is made on the pensionable wages but not on the full salary. EDLI which stand for Employees Deposit Linked Insurance scheme is that under which the respective employee nominee will be paid a lump sum amount in the case of death that happened naturally or because of some illness or accident. The main thought behind this EDIL is to facilitate its employees a lifetime insurance coverage thus creating an income security later the members’ death. Unlike EPF or EPS, EDLI is contributed by the employer and the central government alone initially. While recently after many changes, now employer is alone responsible to pay EDLI.
EDLI is applicable to all companies either big or small. Straight away employees whoever joined EPF are covered under EDLI. There are no exclusions considered under this policy and this policy works worldwide and round the clock.
Organizations with no employee insurance implemented are held to pay 0.5% of the monthly basic pay but with the upper limit capped to 6500/-. Eligible for EDLI scheme are those employees who are actively contributing to the EPF.
While this insured amount is comparatively less, employees are given the opportunity to apply life insurance Company against the EDLI scheme. Employer is also given the right to choose a higher sum for the employees.
Some key notes regarding the EDLI scheme are:
● EDLI is 30 times the salary (D.A. + Basic Salary)
● A bonus amount of 150000/- is given at the time of EDLI claim.
● Premium payable for all the employees is similar.
● The amount can be claimed by the nominee or the surviving family members.
● The claim is admissible only if the deceased individual is actively employed at the time of death.
● Employer attestation is required on the application of claim.
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